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Cryptocurrency gambling is prohibited by a French regulator

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  • A few days back, according to reports, France proposed on Tuesday that EU nations outsource cryptocurrency regulation to the European Securities and Markets Authority (ESMA), a Paris-based pan-European market watchdog
  • The National Gaming Authority (ANJ) issued the statement after securing a court ruling for French internet service providers to limit access to the sites
  • According to the ANJ, the two sites had over 560,000 visits from gamers in France during the month of June. A Paris court judge granted an injunction on July 13 ordering major French internet service providers to limit access to the sites

According to the news, France suggested Tuesday that EU states delegate cryptocurrency regulation to the pan-European markets watchdog, the Paris-based European Securities and Markets Authority (ESMA), rather than national authorities. The Autorité des Marchés Financiers (AMF), a French market regulator, has also urged for the ESMA to be given additional regulatory power in order to better oversee the crypto business. 

According to the AMF, granting ESMA direct supervisory authority over public offers of crypto assets in the EU and crypto asset service providers would result in clear economies of scale for all national supervisors and a more efficient concentration of knowledge for the benefit of all Europeans.

After obtaining a court order forcing French internet service providers to restrict access to the sites, the National Gaming Authority (ANJ) made the statement. The regulator singled out two prominent cryptocurrency gambling websites, cbet.gg and stake.com, for serving players in France without a local license and in violation of laws forbidding the use of cryptocurrencies for gambling. The use of cryptocurrencies is forbidden on the websites of authorized operators who are obligated to combat fraud, money laundering, and terrorism financing, the French regulator stated. 

The ANJ aims to raise public attention to the dangers of these illicit sites, which attract a large number of visitors. This is why, for the first time, we have chosen to make these decisions public.

According to the ANJ, throughout the month of June, the two sites had over 560,000 visits from gamers in France. On July 13, a Paris court tribunal issued an injunction requiring the major French internet service providers to restrict access to the sites. National authorities are presently in control of crypto markets, but French regulators have suggested major revisions to strengthen financial regulation throughout Europe. 

The European Securities and Markets Authority, the EU’s Paris-based regulator, will be given more authority under the plan. Because of fears that cryptocurrencies are being used by criminals to finance drug smuggling and other unlawful activities, regulators want tougher laws to govern the ever-growing market for cryptocurrency.

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